Archery Pictures Limited Company accounts

ARCHERY PICTURES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09203926

Archery Pictures Limited

Financial Statements

31 December 2019

Archery Pictures Limited

Financial Statements

Year ended 31 December 2019

Contents	Page

Officers and professional advisers	1

Directors' report	2

Independent auditor's report to the members	4

Statement of comprehensive income	8

Statement of financial position	9

Statement of changes in equity	10

Notes to the financial statements	11

Archery Pictures Limited

Officers and Professional Advisers

The board of directors	J S M Chamberlain
	P A McGuinness
	S C S Thykier

Registered office	3 Archery Close
	London
	United Kingdom
	W2 2BE

Auditor	Shipleys LLP
	Chartered accountants & statutory auditor
	10 Orange Street
	Haymarket
	London
	WC2H 7DQ

Archery Pictures Limited

Directors' Report

Year ended 31 December 2019

The directors present their report and the financial statements of the company for the year ended 31 December 2019 .

Directors

The directors who served the company during the year were as follows:

J S M Chamberlain
P A McGuinness
S C S Thykier

Directors' responsibilities statement

The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 19 February 2021 and signed on behalf of the board by:

S C S Thykier

Director

Archery Pictures Limited

Independent Auditor's Report to the Members of Archery Pictures Limited

Year ended 31 December 2019

Opinion

We have audited the financial statements of Archery Pictures Limited (the 'company') for the year ended 31 December 2019 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2019 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

- the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

- the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Other Matters

The prior year financial statements were not audited and therefore the corresponding figures are unaudited.

Use of our report

This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Stephen Joberns

(Senior Statutory Auditor)

For and on behalf of

Shipleys LLP

Chartered accountants & statutory auditor

10 Orange Street

Haymarket

London

WC2H 7DQ

19 February 2021

Archery Pictures Limited

Statement of Comprehensive Income

Year ended 31 December 2019

	2019	2018
Note	£	£
Turnover	3,593,930	5,159,582

Cost of sales	( 1,288,927)	( 2,643,980)
	------------	------------
Gross profit	2,305,003	2,515,602

Administrative expenses	( 1,416,962)	( 1,165,620)
Other operating income	–	13,944
	------------	------------
Operating profit	888,041	1,363,926

Other interest receivable and similar income		41	–
		------------	------------
Profit before taxation	5	888,082	1,363,926

Tax on profit	( 157,156)	( 262,506)
	---------	------------
Profit for the financial year and total comprehensive income	730,926	1,101,420
	---------	------------

All the activities of the company are from continuing operations.

The company has no other recognised items of income and expenses other than the results for the year as set out above.

Archery Pictures Limited

Statement of Financial Position

31 December 2019

	2019	2018
Note	£	£

Fixed assets

Tangible assets	6	13,509	12,362
Investments	7	152	104
		--------	--------
		13,661	12,466

Current assets

Stocks		–	55,562
Debtors	8	1,058,605	960,925
Cash at bank and in hand		2,260,121	1,764,299
		------------	------------
		3,318,726	2,780,786

Creditors: amounts falling due within one year	9	( 422,909)	( 614,700)
		------------	------------
Net current assets		2,895,817	2,166,086
		------------	------------
Total assets less current liabilities		2,909,478	2,178,552
		------------	------------
Net assets		2,909,478	2,178,552
		------------	------------

Capital and reserves

Called up share capital	11	11
Share premium account	999,999	999,999
Profit and loss account	1,909,468	1,178,542
	------------	------------
Shareholders funds	2,909,478	2,178,552
	------------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements were approved by the board of directors and authorised for issue on 19 February 2021 , and are signed on behalf of the board by:

S C S Thykier

Director

Company registration number: 09203926

Archery Pictures Limited

Statement of Changes in Equity

Year ended 31 December 2019

	Called up share capital	Share premium account	Profit and loss account	Total
	£	£	£	£
At 1 January 2018	10	–	77,122	77,132

Profit for the year			1,101,420	1,101,420
	----	----	------------	------------
Total comprehensive income for the year	–	–	1,101,420	1,101,420

Issue of shares	1	999,999	–	1,000,000
	----	---------	------------	------------
Total investments by and distributions to owners	1	999,999	–	1,000,000

At 31 December 2018	11	999,999	1,178,542	2,178,552

Profit for the year			730,926	730,926
	----	---------	------------	------------
Total comprehensive income for the year	–	–	730,926	730,926

	----	---------	------------	------------
At 31 December 2019	11	999,999	1,909,468	2,909,478
	----	---------	------------	------------

Archery Pictures Limited

Notes to the Financial Statements

Year ended 31 December 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Archery Close, London, W2 2BE, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Significant estimation technique adopted

Accruals are estimated by reference to purchase orders raised at the period end and estimates to complete. Payments received on account are estimated by reference to percentage of completion of the film production, as noted in "Revenue Recognition" below.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.

Revenue recognition

Turnover relates to the production of television series. It represents the value of the work done in the period, including estimates of amounts not invoiced and is stated after trade discounts, other taxes and net of VAT. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	25% straight line
Equipment	-	25% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2018: 7 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2019	2018
	£	£
Depreciation of tangible assets	4,819	3,778
	-------	-------

6. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 January 2019	1,830	15,935	17,765
Additions	–	5,966	5,966
	-------	--------	--------
At 31 December 2019	1,830	21,901	23,731
	-------	--------	--------
Depreciation
At 1 January 2019	496	4,907	5,403
Charge for the year	457	4,362	4,819
	-------	--------	--------
At 31 December 2019	953	9,269	10,222
	-------	--------	--------
Carrying amount
At 31 December 2019	877	12,632	13,509
	-------	--------	--------
At 31 December 2018	1,334	11,028	12,362
	-------	--------	--------

7. Investments

	Shares in group undertakings	Shares in participating interests	Total
	£	£	£
Cost
At 1 January 2019	52	52	104
Additions	–	48	48
	----	----	----
At 31 December 2019	52	100	152
	----	----	----
Impairment
At 1 January 2019 and 31 December 2019	–	–	–
	----	----	----

Carrying amount
At 31 December 2019	52	100	152
	----	----	----
At 31 December 2018	52	52	104
	----	----	----

8. Debtors

	2019	2018
	£	£
Trade debtors	39,677	24,558
Amounts owed by group undertakings and undertakings in which the company has a participating interest	15,757	–
Prepayments and accrued income	991,541	900,693
VAT recoverable	9,217	–
Other debtors	2,413	35,674
	------------	---------
	1,058,605	960,925
	------------	---------

9. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	21,055	10,584
Amounts owed to group undertakings and undertakings in which the company has a participating interest	102,902	–
Accruals and deferred income	94,780	45,858
Corporation tax	171,897	262,506
Social security and other taxes	30,980	191,165
Other creditors	1,295	104,587
	---------	---------
	422,909	614,700
	---------	---------

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2019	2018
	£	£
Not later than 1 year	18,750	75,000
Later than 1 year and not later than 5 years	–	18,750
	--------	--------
	18,750	93,750
	--------	--------

11. Contingent liabilities

Charges have been made against the series in favour of the following parties to secure their interests in the copyright of and title to the series: Coutts & Company

12. Related party transactions

During the year no related-party transactions took place. All transactions related to the productions in the year arose on an arm's-length basis through the normal course of business. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.

13. Controlling party

In the opinion of the directors the controlling party is S C S Thykier .